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The 401(k):
An Opportunity for Americans
An Opportunity for Congress
For more than twenty years, 401(k) plans have been a tremendous opportunity
for millions of American workers who are saving for retirement. Every American
who invests in a 401(k) hopes to achieve financial security and a sound
retirement.
The vast majority of working Americans who invest in 401(k) plans remain
focused on their long-term retirement goals, despite recent unsettling events
and market conditions.
But it is important, before Congress adjourns, to help 401(k) investors expand
their knowledge about investing, better monitor their retirement savings and,
for the first time, gain easy and affordable access to professional advice about
their investment choices and retirement savings objectives.
Congress is now positioned to enact bipartisan legislation on behalf of 401(k)
investors to accomplish these goals:
● Diversification: allow workers to diversify out of company stock in a
much shorter period of time;
● Disclosure: require that workers receive quarterly statements showing
the value of their retirement investments with a prominent reminder
about the benefits of diversification;
● Education: provide workers with ready access to concise, easily compared
summaries of key information about their investment options;
● Advice: ensure that workers have easy and affordable access to
professional investment advice that is designed solely to help them
achieve their goals, and is subject to uncompromising, unambiguous legal
standards.
With so much agreement on issues of such importance, we urge Congress to act
by passing 401(k) legislation now. It’s never been more important and there’s
never been a better opportunity.
America’s Mutual Funds
October 2002